South Korea: Unemployment rate

The latest value from 2023 is 2.64 percent, a decline from 2.86 percent in 2022. In comparison, the world average is 6.99 percent, based on data from 178 countries. Historically, the average for South Korea from 1991 to 2023 is 3.34 percent. The minimum value, 2.05 percent, was reached in 1996 while the maximum of 6.96 percent was recorded in 1998. See the global rankings or world map for that indicator or use the country comparator to compare trends over time.

The unemployment rate in South Korea and other countries is defined as the number of unemployed people as percent of the labor force. The labor force includes the people who are either employed or unemployed, i.e. who don't have a job but are actively looking for one. The labor force does not include people who are not looking for work, children, and the retired.

The unemployment rate seldom declines below 4-5 percent even during boom times. There are always people who move between different sectors of the economy or between cities. When the economy goes into recession, then unemployment can reach much higher numbers, sometimes even in the double digits.

Definition: Unemployment refers to the share of the labor force that is without work but available for and seeking employment.